Stock Market Braces for Jobs Report; Tesla, Nvidia in Focus Amid Buy Signals 
Tesla, Apple, Nvidia Boost Nasdaq to Record High as Jobs Report Ignites Fed Rate Cut Hopes 
U.S. Stocks Hit Unprecedented Peaks Amid Growing Speculation of Federal Rate Cuts 
Market Roundup
• German May Industrial Production (MoM) -2.5%,0.2% forecast,-0.1% previous
•French May Exports 50.2B ,51.2B previous
•French May Trade Balance -8.0B, -7.2B forecast,-7.6B previous
•French May Imports 58.2B,58.8B previous
•French May Industrial Production (MoM) -2.1%,-0.6% forecast,0.5% previous
•EU May Retail Sales (YoY) 0.3%,0.1% forecast,0.0% previous
•EU May Retail Sales (MoM) 0.1 % ,0.2% forecast,-0.5% previous
Looking Ahead Economic Data(GMT )
•12:30 Canada Jun Part-Time Employment Change 62.4K previous
•12:30 Canada Jun Full-Time Employment Change -35.6K previous
•12:30 US Jun Average Hourly Earnings (MoM) 0.3% forecast, 0.4% previous
•12:30 US Jun Nonfarm Payrolls 191K forecast, 272K previous
•12:30 US Jun Private Nonfarm Payrolls 160K forecast, 229K previous
•12:30 US Jun Manufacturing Payrolls 6K forecast, 8K previous
•12:30 US Jun Government Payrolls 43.0K previous
•12:30 Canada Jun Participation Rate 65.4% previous
•12:30 Canada Jun Unemployment Rate 6.3% forecast, 6.2% previous
•12:30 US Jun Average Weekly Hours 34.3 forecast, 34.3 previous
•12:30 US Jun Unemployment Rate 4.0% forecast, 4.0% previous
•12:30 US Jun Participation Rate 62.5% previous
•12:30 US Jun Average Hourly Earnings (YoY) 3.9% forecast, 4.1% previous
•12:30 Canada Jun Employment Change 27.3K forecast, 26.7K previous
•12:30 US Jun U6 Unemployment Rate 7.4% previous
•14:00 Canada Jun Ivey PMI 53.0 forecast, 52.0 previous
•14:00 Canada Jun Ivey PMI n.s.a 59.1 previous
•14:00 US Total Vehicle Sales 15.80M forecast, 15.90M previous
•17:00 US U.S. Baker Hughes Oil Rig Count 479 previous
•17:00 US U.S. Baker Hughes Total Rig Count 581 previous
Looking Ahead Events And Other Releases(GMT)
•15:00 US Fed Monetary Policy Report
Currency Forecast
EUR/USD: The euro strengthened against dollar on Friday bolstered by signs France could be heading for a hung parliament in elections on Sunday rather than a ruling majority for the far-right National Rally. Nationwide, the first round had originally left three-way contests in about 300 of the races for the National Assembly's 577 seats. In the past days, more than 200 third-placed candidates have withdrawn their candidacy in an attempt to block the far right from holding power.Opinion polls suggest this so-called "republican front" may have an impact, now projecting that the RN will win fewer seats than previously thought and likely to be short of an absolute majority. The euro, which has been under pressure since French elections were called in June, has rallied somewhat this week and is on track for a 1% weekly gain. It was last up 0.1% on the day at $1.0823 .Immediate resistance can be seen at 1.0839 (23.6% fib), an upside break can trigger rise towards 1.0850 (July12th high).On the downside, immediate support is seen at 1.0809(38.2% fib), a break below could take the pair towards 1.0783(50% fib).
GBP/USD: The pound rose against dollar on Friday after the centre-left Labour Party swept to power in the country's election. Britain's centrist Liberal Democrats, right-wing Reform UK, Greens and other smaller parties won more than 40% of the votes in Thursday's election, but secured just 18% of the seats in parliament due to the country's first-past-the-post system.The Labour Party will form the next government after winning 63% of seats with 34% of all votes cast, according to near-complete results, more than doubling its number of seats with fewer votes than it received in the last election in 2019. Sterling was last up 0.2% at $1.2786 and was heading for a 1.1% weekly gain - its best week in seven. Immediate resistance can be seen at 1.2793(38.2%fib), an upside break can trigger rise towards 1.2838(23.6%fib On the downside, immediate support is seen at 1.2757 (38.2%fib), a break below could take the pair towards 1.2758(61.8% fib).
USD/CHF: The dollar eased against the Swiss franc on Friday as investors awaited U.S. payrolls data that could influence how quickly the Federal Reserve cuts interest rates. Trading was subdued a day after the U.S. July 4 holiday but is expected to pick up after the release of the June U.S. non-farm payrolls report.Nonfarm payrolls likely increased by 190,000 jobs last month after surging by 272,000 in May, according to a Reuters survey of economists. Employment gains have averaged about 230,000 jobs per month over the past 12 months. Immediate resistance can be seen at 0.9022 (38.2% fib), an upside break can trigger rise towards 0.9081(23.6% fib).On the downside, immediate support is seen at 0.8975(50% fib), a break below could take the pair towards 0.8933(61.8% fib).
USD/JPY: The U.S. declined against yen on Friday as investors awaited for the nonfarm payrolls data, which could provide further cues on the Federal Reserve's rate cut timeline . The U.S. dollar was on track for a weekly decline.Investors now await the nonfarm payrolls report due at 1230 GMT.Finance Minister Shunichi Suzuki said on Friday that authorities will closely monitor both the stock and foreign exchange markets with a sense of urgency.Traders have been wary of Tokyo intervening in the market to prop up the currency which has lost more than 12% against the dollar this year, weighed down by the wide interest rate difference between Japan and the United States. Strong resistance can be seen at 161.33(23.6%fib), an upside break can trigger rise towards 162.38(Higher BB%fib).On the downside, immediate support is seen at 160.38 (38.2% fib), a break below could take the pair towards 158.49(50%fib).
Equities Recap
European stocks rose to a more than a one-week high on Friday after the Labour Party's return to power in the UK general election gave investors a sense of calm, while German chip systems manufacturer Aixtron rallied on reporting strong orders.
UK's benchmark FTSE 100 was last up by 0.02 percent, Germany's Dax was last up by 0.75 percent, France’s CAC was last up by 0.29 percent.
Commodities Recap
Gold prices were poised for a second straight weekly rise on Friday helped by a softer U.S. dollar, while investors braced for the nonfarm payrolls data, which could provide further cues on the Federal Reserve's rate cut timeline.
Spot gold rose 0.4% to $2,364.87 per ounce, as of 0941 GMT, after hitting a two-week high at $2,367.99. Bullion was up more than 1% for the week so far.U.S. gold futures gained 0.2% to $2,372.90.
Oil prices were little changed on Friday, trading near their highest since late April and on track for a fourth straight week of gains, driven by hopes of strong summer fuel demand and some supply concerns.
Brent crude futures was up 11 cents, or 0.13 per cent, at $87.54 a barrel by 0817 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.29 per cent, to $84.12.
